Federal Reserve Chair Jerome Powell and his entire team should be cognizant of the fact that rents have been declining for many months. Despite this, Powell has been examining laggard data that persistently appears inflated.
The latest real-time rent data from the property research firm CoStar Group shows apartment rents in the US are fading from record highs for the first time in almost two years, according to WSJ.
Peak apartment rent growth is almost certainly now in the rearview mirror, as nearly all measures of rent growth showed deceleration between June and July. But that’s not to say it’s bargain shopping time, as rent growth remains elevated – and likely will throughout the remainder of 2022.
Rent growth accelerated slightly again this month, with our national index up by 1.2 percent over the course of May.